jan 1, 1945 - McCarran-Ferguson Act (MFA)

Description:

Returned regulation back to states (since Congress determined that this was in the best interest of the public).

MFA deemed that Sherman,FTC,Clayton,Robinson-Patman only applied if states were NOT regulating (note that this is not an exception)

Federal regulations CANNOT supersede state regulations already in place, with 3 exceptions:
Federal laws still apply to:
1) Antitrust activity (specifically boycott,coercion,intimidation)
2) Laws applying exclusively to insurance (vs. in general)
3) Labor laws